{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-209","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-209","heading":"Acceptance of payment order","body":"ACCEPTANCE OF PAYMENT ORDER\n\n(a) Subject to subsection (d) of this section, a receiving bank\n\nother than the beneficiary's bank accepts a payment order when it\n\nexecutes the order.\n\n(b) Subject to subsections (c) and (d) of this section, a\n\nbeneficiary's bank accepts a payment order at the earliest of the\n\nfollowing times:\n\n(1) When the bank (i) pays the beneficiary as stated in\n\nsubsection (a) or (b) of Section 30 of this act, or (ii) notifies\n\nthe beneficiary of receipt of the order or that the account of the\n\nbeneficiary has been credited with respect to the order unless the\n\nnotice indicates that the bank is rejecting the order or that funds\n\nwith respect to the order may not be withdrawn or used until receipt\n\nof payment from the sender of the order;\n\n(2) When the bank receives payment of the entire amount of the\n\nsender's order pursuant to paragraph (1) or (2) of subsection (a) of\n\nSection 28 of this act; or\n\n(3) The opening of the next funds-transfer business day of the\n\nbank following the payment date of the order if, at that time, the\n\namount of the sender's order is fully covered by a withdrawable\n\ncredit balance in an authorized account of the sender or the bank\n\nhas otherwise received full payment from the sender, unless the\n\norder was rejected before that time or is rejected within (i) one\n\nhour after that time, or (ii) one hour after the opening of the next\n\nbusiness day of the sender following the payment date if that time\n\nis later. If notice of rejection is received by the sender after\n\nthe payment date and the authorized account of the sender does not\n\nbear interest, the bank is obliged to pay interest to the sender on\n\nthe amount of the order for the number of days elapsing after the\n\npayment date to the day the sender receives notice or learns that\n\nthe order was not accepted, counting that day as an elapsed day. If\n\nthe withdrawable credit balance during that period falls below the\n\namount of the order, the amount of interest payable is reduced\n\naccordingly.\n\n(c) Acceptance of a payment order cannot occur before the order\n\nis received by the receiving bank. Acceptance does not occur under\n\nparagraph (2) or (3) of subsection (b) of this section if the\n\nbeneficiary of the payment order does not have an account with the\n\nreceiving bank, the account has been closed, or the receiving bank\n\nis not permitted by law to receive credits for the beneficiary's\n\naccount.\n\n(d) A payment order issued to the originator's bank cannot be\n\naccepted until the payment date if the bank is the beneficiary's\n\nbank, or the execution date if the bank is not the beneficiary's\n\nbank. If the originator's bank executes the originator's payment\n\norder before the execution date or pays the beneficiary of the\n\noriginator's payment order before the payment date and the payment\n\norder is subsequently canceled pursuant to subsection (b) of Section\n\n19 of this act, the bank may recover from the beneficiary any\n\npayment received to the extent allowed by the law governing mistake\n\nand restitution.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e64da154fe0ef3f1d8bb23c109d27da1b40826be5e56950a8a55bc2e9f8906b7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-208","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-210"},"notice":"GroundRules: Original legal text. Not legal advice."}